On the back of the upcoming festival season, the State Bank of India (SBI) had taken to Twitter to announce a whole slew of new benefits that it was rolling out. Namely, the lender has new offerings on its home loan, car loan, gold loan and even personal loan. The customers who are interested in availing of these offers can simply log in to the official SBI website where all the details await them. The Tweet that SBI had issued read: “Start the festive celebrations with special offers on Car Loan, Gold Loan and Personal Loan from SBI. Get started today! Apply Now: sbiyono.sbi.” This message was sent out from the bank’s official Twitter handle on Wednesday.
As per the new offerings, SBI is offering a car loan at Rs 1,530 per lakh. Along the same line, the gold loan that the lender is giving to customers clocks in at 7.5 per cent interest per annum. The personal loan on the other hand comes in at Rs 1,832 per lakh. It should be noted that the customers of SBI can apply for these loans through the official SBI YONO app as well, as opposed to logging into the official website and doing it through the portal.
On a related note, the bank had also issued a tweet earlier that talked about the home loan benefits that it would be offering this festive season. It again reminded customers of this offering through its official Twitter handle. The notification which was issued read as, “Kick-start your celebrations this festive season with SBI Home Loan and enjoy the exciting benefits on YONO SBI. Know More & Apply Now: homeloans.sbi.”
Keep in mind that this is not the first time this month that SBI had announced festival season offerings. The lender had earlier stated that it would be nullifying any and all processing fees for its home loan. In doing so the bank also issued a revised interest rate on the same loan type and brought it to 6.7 per cent for any loan amount. This was done in an effort to push more customers towards participating in the loan offers ahead of the festive season.
Earlier, borrowers that availed of a loan greater than Rs 75 lakh had to pay an interest rate of 7.15 per cent. However, now with the festival season coming up, borrowers can benefit from an interest rate of just 6.70 per cent. This offer results in the customer saving around 45 bps, which translates to a large sum of money saved. It amounts to savings of more than Rs 8 lakh for a Rs 75 lakh loan that carries a 30-year tenure.
On the other end of the spectrum where you have the non-salaried borrowers, the interest rate applicable for them was 15 bps higher than the interest rate applicable for the salaried customers who were taking out a home loan. In light of this, SBI had also waived the occupation-linked interest premium which added to the savings one could benefit from.
In line with these changes that the bank made, other banking institutions had also revised their rates of interest. For example, Kotak Mahindra Bank had earlier announced revised rates that took effect from September 10, 2021, onwards. At present, the bank offers its customers an interest rate of 6.50 per cent per annum on its Fresh Home Loan and Balance Transfer Loan. This makes it one of the cheapest home loan rates in the country.